The cost of running a taxi service for offspring reaches £1,200 per year, according to Citigroup.

Figures from the financial analyst reveal that parents are putting their own finances at risk as they transport their children from place to place.

Some 58 per cent of respondents to the survey, which was jointly commissioned by Citigroup and petrol supplier Shell, travel more than 1,000 miles a year as a replacement taxi service.

And nearly a quarter (23 per cent) compound the expenditure by using a credit card to buy fuel - which could mean interest being charged on top of the initial outlay.

For those who find their spending has got out of hand, a debt consolidation loan could be one way of avoiding the high interest levied against credit card bills.

Alfred Bluestone, London's oldest taxi driver, recently retired aged 94 and reveals he "learnt a lot" during his 60-year career.

Britons facing monetary difficulty could be well advised to learn about the benefits of debt consolidation loans to regain their financial footing.ADNFCR-1287-ID-18373404-ADNFCR

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